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All bids and limited offers are the best way to describe the majority of the price action in the S&P 500 index futures right into the closing bell. Its three-day losing streak from December 16-20 has been followed up by a four-day winning streak that may have more in the tank.

During premarket trading, the index spent very little time below Friday’s all-time closing high price of 4715.75, bottoming just before 3:00 AM EST at 4713.25. During the day session, it easily cleared Friday’s high (4731.25), the former all-time high (4743.25), and kept on going.

The combination of a strong holiday shopping session coupled with no major/negative developments on the Omicron virus front put the bulls firmly in control. Of course, seasonality is playing a role as the Santa Claus Rally (one where stocks climb higher in the final seven trading sessions of a year plus the first two trading days of the New Year) is in full bloom. 

The technology sector was a major factor in the major breakout to the upside. Nvidia Corp (NASDAQ: NVDA) was the biggest gainer of the top components. The issue extended its winning streak to four sessions (same as the index) by adding $13.05 or 4.4% to close at $309.45.

That dwarfed the cash index’s gain of 1.38%.

The only loser of the top components, making it the biggest loser was (NASDAQ: AMZN). The issue snapped a five-day winning streak by declining $27.98 or 0.82% to close at $3393.39.


PreMarket Prep Stock Of The Day: Sorrento Therapeutics (NASDAQ: SRNE) 

The last thing you want to see happen to an issue in your portfolio is for it to go down on what is supposed to be good news. Read more about SRNE here.